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Bulgarian banks, businesses and shoppers are preparing this week to say goodbye to the lev currency before adopting the euro on Jan. 1, a long-awaited milestone that has sparked excitement, skepticism and even anger in some quarters.
Bulgaria, a Black Sea country on the EU’s southeastern border, will become the 21st country to join the euro zone this year after meeting the criteria for formal membership, including inflation, budget deficits, long-term borrowing costs and exchange rate stability.
Two years ago, Croatia was the last country to join the currency, joining in January 2023, when the number of Europeans using the currency will exceed 350 million. Becoming a member of the eurozone, in addition to using euro banknotes and coins, also means having a seat on the European Central Bank’s interest-rate-setting management committee.
Opinion polls show the Balkan country of 6.7 million people is divided on the issue, despite attempts by successive Bulgarian governments since joining the EU, although the business community is mostly supportive.
Some fear it will push up prices or express doubts about domestic political institutions in the throes of a crisis that brought down the government this month amid widespread protests against proposed tax increases.
In a country with historical cultural and political ties to Russia, many are wary of further allegiance to Europe.
“I object, first of all, because the lev is our national currency,” Sofia pensioner Emil Ivanov said in an interview while shopping. “Secondly, Europe is dying, and even the President of the United States (Donald Trump) mentioned this in the new national security strategy.
“I may not be alive when this happens, but that’s where it’s all going.”
Some political analysts say the campaign to promote the euro has been weak and that older people, especially in remote areas, will struggle to adapt. The lack of a stable government could further complicate the change, they said.
Still, on Sofia’s streets and shops, merchants have been preparing. All prices from fruit to bottles of wine are shown in levs and euros. Government-sponsored billboards showed the euro-lev exchange rate and read: “A common past. A common future. A common currency.” Television ads also heralded the changes to come.
Some welcomed the move. Veselina Apostovlova, a pensioner shopping in Sofia, said: “Not just older people, but all young people can easily travel with euros without having to exchange currencies.”
Businesses that sell goods across borders also expressed support.
“The most important thing for me is that all operations involving currency exchange and re-issuance of invoices in euros and then levs will be cancelled,” Natalia Gadjeva, owner of Dragomir Estate Winery in the Thrace Valley, told Reuters.